The SEC has accused Ripple of engaging in practices reminiscent of past violations, adding a new layer of complexity to their ongoing legal battle. Ripple’s recent filings regarding the Consent Judgment prompted a response from the SEC, with crypto enthusiast Jack The Rippler highlighting the development.
In a recent tweet, Jack The Rippler revealed that the SEC is seeking a $102.6 million settlement in response to Ripple’s letter regarding the TerraForm Labs Consent Judgment. This potential settlement could have significant implications for Ripple and its On-Demand Liquidity (ODL) service.
Attorney Bill Morgan, representing XRP, disclosed that the SEC has charged Ripple with actions that are alarmingly similar to previous infractions. This accusation raises concerns about the legality of Ripple’s current ODL sales methods. Despite the SEC’s warnings, the court lacks sufficient information to determine whether these sales are in violation of current laws.
Legal experts anticipate that a final ruling in the SEC v. Ripple Labs case may be issued in July. The possibility of an appeal by the SEC following the summary judgment in July further complicates the legal landscape. Judge Torres’s decision that XRP programmatic sales are not security contracts remains a key point of contention, leading to ongoing uncertainty for both parties involved.
At the time of writing, XRP was valued at approximately $0.4787, reflecting a 0.21% increase over the previous 24 hours according to CoinMarketCap data. However, a 4.13% decline over the past week indicates a bearish trend for the cryptocurrency.
Ripple has previously denounced the SEC’s $4.47 billion penalties as irrational, showing support for Terraform Labs in the face of ongoing legal challenges.
